Why Mr. Morgan bought Buffett Portrait for $100,000
I saw news from Bloomberg that a portrait of Warren Buffett painted in 10 minutes sold for $100,000 in an eBay Inc. auction. You can see the portrait, it is not very ‘handsome’ actually. But it does have the artist, Michael Israel, and Mr. Warren Buffet’s signs. Then it would cost $100,000? Would you buy that? Probably no. But why did that guy do it?
buffett portrait
Let us get some background of this guy. John L. Morgan, chief executive officer of Winmark Corp., which sells franchises in businesses such as Play It Again Sports
and Plato’s Closet, spent $215,000 in 1999 for a stock tip from Buffett and both of his purchases will benefit Girls Inc. of Omaha, a nonprofit co-founded by Buffett’s first wife, Susan, who died in 2004.
Now, it is not difficult to know why Mr. Morgan would like to spend that many to buy the portrait.
1. John Morgan is rich. He has money to spend
2. John Morgan has a connection with Mr. Buffett, and he owns a lot of Berkshire shares. To spend $100,000 to get Buffett know you and recognize you, that’s not a bad deal.
3. The money is not for the artist. It is for a non-profit organization. It will benefit many people.
4. John Morgan gets famous again, it is not bad for his company and business. People like this guy because he is not only rich but also a nice guy who would contribute to the charity.
5. John Morgan got a portrait
Anyway, try to get rich is important, but the most important thing is try to contribute some value to the society.
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